DBS Digital Exchange Reports Robust Growth Since It Went Operational 24/7by Fintech News Singapore November 11, 2021
DBS Digital Exchange (DDEx) announced that it had recorded over S$600 million in digital assets under custody as at the end of October, triple the amount recorded in the previous month.
The exchange has since witnessed robust growth since it went operational 24/7 in August this year.
In the two full months since, DDEx recorded trading volumes surpassing the total trading volume of the first eight months of the year by 40%.
DDEx added that it has also seen a growing number of corporate and institutional customers among its participants.
Among the corporate and institutional customers onboarded to DDEx are established banking and financial institutions, an unnamed central bank, and even other digital asset exchanges.
DDEx has onboarded over 500 participants to date.
The exchange was launched in December 2020, enabling corporate and institutional investors, accredited individuals, and family offices to access an integrated suite of solutions across the digital asset value chain.
One of the milestones achieved by DBS in its digital asset ecosystem was when its brokerage arm DBS Vickers received a license from the Monetary Authority of Singapore to provide digital payment token services as a Major Payment Institution.
Eng-Kwok Seat Moey, Group Head of Capital Markets and Chair of the DBS Digital Exchange, said,
“What DBS has established is a holistic ecosystem to serve the entire digital asset value chain, from deal origination to tokenisation, listing, trading, and custody, all within a trusted and regulated bank environment.
As Singapore continues to establish itself as a hub for digital asset businesses, DBS is leading the way by helping our customers capture value while staying true to our tenets of safety and security.”